An excerpt from below
http://www.vanityfair.com/online/da...on-future-of-europe-economy-and-germany-italy
Is the sheer size of Italy’s economy un-bailout-able?
Yes, both Italy and Spain are regarded as un-bailout-able. The game-over moment is when either Italy, Spain, or, for that matter, France, does a Greece. The metaphor that comes to mind is a bunch of rock climbers going up a face and one of them falls and the others can hold him, but then another falls and the burden grows.
So in this metaphor, Germany’s the lead climber, and they’re the ones hooked into the rock. They’re the ones that know what they’re doing.
They’re the ones who could get up the side of the cliff all by themselves, fine.
And the rest of the Eurozone countries are the ones below who claimed to have lots of rock-climbing experience?
No, no, they were used to only downhill slopes.
The article on Germany which makes for an interesting read in places!
http://www.vanityfair.com/business/features/2011/09/europe-201109
http://www.vanityfair.com/online/da...on-future-of-europe-economy-and-germany-italy
Is the sheer size of Italy’s economy un-bailout-able?
Yes, both Italy and Spain are regarded as un-bailout-able. The game-over moment is when either Italy, Spain, or, for that matter, France, does a Greece. The metaphor that comes to mind is a bunch of rock climbers going up a face and one of them falls and the others can hold him, but then another falls and the burden grows.
So in this metaphor, Germany’s the lead climber, and they’re the ones hooked into the rock. They’re the ones that know what they’re doing.
They’re the ones who could get up the side of the cliff all by themselves, fine.
And the rest of the Eurozone countries are the ones below who claimed to have lots of rock-climbing experience?
No, no, they were used to only downhill slopes.
The article on Germany which makes for an interesting read in places!
http://www.vanityfair.com/business/features/2011/09/europe-201109